Practical and Helpful Tips: Trusts

Why You Need Professional Legal Guidance When Forming A Will or Handling Your Estate Succession A big number of people is still contemplating if they should write a will or not. If you are one of them, the answer is certainly yes; you should have a well-drafted will. What may not have dawned on such … Continue reading “Practical and Helpful Tips: Trusts”

Why You Need Professional Legal Guidance When Forming A Will or Handling Your Estate Succession

A big number of people is still contemplating if they should write a will or not. If you are one of them, the answer is certainly yes; you should have a well-drafted will. What may not have dawned on such people is in case of death, which no one anticipates, your loved ones will have no authority to claim your assets. A written will is not just for the estates, and other huge possessions, even the small personal belongings such as your bank account requires an application to a court for the appointment of the trustee before they are legally transferred.

With the above highlights, it is now evident to you that you need a skilled attorney on your side to draft a legally binding will. To start with, an attorney is well versed with various legal approaches used to draft will and to plan estate. He is skilled in offering advice required to avoid unnecessary probate fees, postpone the distribution of assets beyond the majority age, and establish trust funds for the minors and so on As a layperson, your draft may be full of errors leading the whole of the plan failing. There are some drafts which require cautious wording of clauses; like the one which postpones the asset distribution at 2 years and above. An improper draft can easily result in distribution at 18 regardless of your will. You may also fail to take into account provisions of the insurance policy as well as RRSPs. Is is possible for one to come up with a good will by using the will kit? It is true that one can use these will kit but it is technically difficult for the will kit to cover all your intentions. Taking into account that scenarios are different, you need to explain your intentions to the attorney so as to draft a legally binding will that captures every intention you have in mind . It is common for almost every client to be amazed at the end of conversation with the attorney; they get amazed of various options which are at their disposal most of which they never knew of before.

The attorney is also very well versed in the new estate rules. For example, there are cases which don’t need probate like where the beneficiary is named directly. This means; attorney guidance is very paramount as it makes it possible to plan well.